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Discovery Holdings Limited - Audited annual financial results for the year
ended 30 June 2002
Our purpose is clear: to make people healthier and protect and enhance their
lifestyles
Financial highlights
Operating profit + 23%
Headline earnings per share + 14%
Discovery Life profitable in
first full year of operation
New business premium income R2,3bn
Discovery Life new business R264m
Destiny Health new business R206m
Embedded value per share R8,48
Introduction
Discovery`s purpose is to make people healthier, and to enhance and protect
their lifestyles. The importance of this purpose to our clients leads us
toward markets wherein demand is both strong and ever increasing - private
healthcare and life assurance.
Discovery approaches its purpose in a focused way, that both meets the needs
of our clients and generates value to shareholders. Discovery has a unique
set of competencies that play out on three levels in the realisation of its
purpose:
1. Vision - the ability to identify and predict significant social trends
that affect our purpose. In the context of healthcare, the move toward
consumerism, in life assurance, the trend toward the separation of risk from
investment, and in the case of Vitality, the move toward prevention and
fitness.
2. Innovation - the ability to understand these shifting trends and establish
companies and products that uniquely cater for them, enabling the
organisation to capitalise on significant paradigm shifts.
3. Execution - the ability to execute on the innovation through efficient
businesses with strong management and the application of sound financial
principles and superior operational infrastructure.
These competencies reside in the Discovery people who have built the
Discovery businesses life by life. The results of this are rapidly growing,
organically built mainstream businesses which are a generation ahead of their
competitors.
The year under review is a manifestation of this business model. The year was
complex, but particularly successful. All of Discovery`s businesses performed
pleasingly, but more importantly, all have positioned themselves well for the
year ahead.
Discovery Health
Discovery Health exceeded expectations in what was a particularly complex
year. The period under review brought to an end a three-year debate with the
Council for Medical Schemes. This debate covered issues such as the
demarcation between medical schemes and insurance policies, the use of
reinsurance and the capitalisation of medical schemes. The terms of the
resolution required a cut in administration fees and reinsurance, and a
commitment to achieving a stated level of reserves within the Discovery
Health Medical Scheme.
Despite the financial effect of the resolution, the company grew its
operating income by 10% from R296m to R325m. Amid market negativity, the
number of lives covered grew from 960 000 to 1 180 000. This was driven by
strong new business of R1,8bn which exceeded the company`s target but fell
short of the 2001 level of R2bn (in 2001 new business was boosted by
competitor demise and, prior to April 2001, the amnesty period which allowed
uncovered members to join medical aid schemes unpenalised). In every respect
the performance of the health plans inside the Discovery Health Medical
Scheme was exceptional, resulting in lapse rates reducing to an effective
3,5%. This is the lowest in the company`s history.
Importantly, the Discovery Health Medical Scheme upheld its commitment to its
members not to increase contributions or reduce benefits - this in an
environment of continual increases and benefit reductions. In addition, the
reserves inside the scheme are building strongly toward meeting the
requirements as set out in the resolution. The combination of performance,
reinsurance structures and the Discovery backing, has enabled the scheme to
maintain its AA-rating - the industry`s highest.
We expect strong growth from Discovery Health going forward. It is uniquely
positioned to organically grow its 18% market share given the performance and
strength of its products, the weakening position of its competitors, and
increasing demand for private healthcare. The company is poised to launch
products into the employed but uninsured low income market.
Discovery Life
Discovery Life`s performance was pleasing and exceeded expectations,
generating a profit in its first full year of operation.
The company`s approach of separating risk from investment has manifested in
the Discovery Life Plan, an advanced, efficient and flexible product range
that meets the risk needs of policyholders and their families. The acceptance
in the market has been favourable, with new business recurring premium
growing to R264m from R94m in 2001. Discovery Life expects this form of risk-
only products to become the product of choice in the industry.
Discovery Consulting Services, the company`s distribution channel, has
performed well and is positioned strongly for the year ahead. The franchise
model has enabled the company to attract exceptional people while exposing it
only to the variable cost of distribution.
During July 2002, the company launched the Discovery Integrator, a product
based on Discovery`s core purpose of improving health and protecting
lifestyles. Discovery Health`s base of more than one million lives are now
given a considerable upfront price advantage for life assurance with
Discovery Life, in return for managing their health. New policy applications
have increased to over 1 000 per week and in-force policies have grown to
over 32 000.
Discovery Life expects strong growth in the year ahead.
Destiny Health
The year under review was an important one for Destiny Health, Discovery`s US
subsidiary, as it set out to achieve proof of concept. It began the year with
a modest in-force book and faced the considerable hurdles of a foreign,
greenfield start-up - lack of established brand and distribution, and
uniqueness of product and message. The company grew covered lives from 500 to
almost 10 000 on the back of new business production of R206m (2001: R12m),
meeting the targets set for the year. The year`s start-up costs were R110m in
line with that budgeted, despite the major decline in the value of the rand.
The year also saw the rapidly increasing acknowledgement of consumer-directed
care as an alternative to managed care, which has failed to keep healthcare
costs under control. Destiny has managed to establish itself as a leader in
this emerging trend and over the year was featured on CNBC, the Wall Street
Journal and the Harvard Business Review, amongst others.
The manifestation of this has led to significant policy shifts. In June 2002,
the US Internal Revenue Service amended the tax code to create the Health
Reimbursement Arrangement that will allow products like Destiny`s to be
significantly more tax efficient. In addition, the Illinois Department of
Insurance has granted Destiny a dispensation that will allow it to set its
premium rates more flexibly. The combination of these factors will make
Destiny significantly more competitive in what is a price sensitive market.
Destiny`s increasing presence in the Chicago marketplace has enabled the
company to improve its brand recognition and distribution. Over the year the
number and quality of brokers placing business with the company has increased
dramatically to over 150, from 32 at the start of the year. The company is
now in a position to pursue relationships with General Agencies in the
Illinois market to give it access to a considerable spread of brokers - this
is currently under way and new arrangements are expected to be in place
during the current year.
An important development over the year was the development of the
technological capability to provide much of the back office processing on a
real-time basis at Discovery in Johannesburg. This will give the company
access to the economies of scale and infrastructure of Discovery, and to the
considerably lower costs of the South African environment.
The combination of these developments over the year, together with the
planned launch of more flexible products, position the company particularly
well for strong growth in the year ahead.
Discovery Vitality
Vitality continued to play its important role of underpinning Discovery`s
businesses by creating product differentiation and better health. The company
is the true embodiment of Discovery`s core purpose.
Over the year, Vitality generated significant growth with covered lives now
exceeding 850 000. For the year Vitality grew its operating income 170%, from
R13m to R36m. This significant increase reflects both substantial organic
growth as well as the impact of the non-recurring Leisurenet write-off during
the 2001 financial year.
Importantly, the rate at which members utilised the benefits bodes well for
the drive toward better health. In addition, the benefits provided to members
continues to make the Discovery value proposition particularly strong. During
the year, Vitality introduced the Ster-Kinekor structure, which introduced
high frequency, low cost benefits providing significant additional value to
members. Its success has been pleasing, with approximately 200 000 members
activating this benefit in just its first six months of availability -
translating to in excess of 300 000 Vitality moviegoers per month.
Discovery expects the role of Vitality to strengthen with continued
innovation and its ability to significantly enhance and enable the other
businesses.
Prospects
All of Discovery`s businesses are well positioned for strong organic growth
in the year ahead. Discovery Health is particularly well placed in a market
of considerable demand. Discovery Life and Destiny Health are expected to
grow rapidly. Both should continue to evolve into significant mainstream
businesses in their respective markets.
By order of the board
L L Dippenaar A Gore
Chairman Chief Executive Officer
28 August 2002
Group consolidated balance sheet
at 30 June 2002
R million 2002 2001
ASSETS
Non-current 1 190,5 1 203,3
assets
Fixed assets 194,4 139,6
Intangible 30,5 13,9
assets
Investments
- linked 588,0 570,4
policyholders
- other 271,2 216,6
Loans 106,4 262,8
receivable
Current 896,8 838,0
assets
Total assets 2 087,3 2 041,3
EQUITIES AND
LIABILITIES
Capital and 1 047,0 756,3
reserves
Share capital 544,2 497,3
and share
premium
Reserves 502,8 259,0
Minority 184,0 67,2
interest
Policyholder 129,7 437,2
liabilities
and reserves
Current 726,6 780,6
liabilities
Total 2 087,3 2 041,3
equities and
liabilities
Group consolidated statement of gross inflows under management
for the year ended 30 June 2002
Change
R million 2002 2001 %
Gross inflows 7 733,7 5 479,4 41
under
management
Less: Medical 3 877,0 2 116,9
scheme
contributions
Less: Money 356,9 558,9
Market
contributions
Gross income 3 499,8 2 803,6 25
of group
Group consolidated income statement
for the year ended 30 June 2002
Change
R million 2002 2001 %
Gross income 3 499,8 2 803,6 25
of group
Less: 210,7 251,4
Reinsurance
premiums
Net income 3 289,1 2 552,2
Investment 123,9 124,4
income
INCOME 3 413,0 2 676,6
Claims and 1 721,6 1 473,9
policyholder
benefits
Commissions 272,6 86,7
Operating and 1 108,5 732,5
administration
expenses
Vitality 167,4 131,6
benefits
Net deferral (41,4) (45,4)
of acquisition
costs
OUTGO 3 228,7 2 379,3
Excess of 184,3 297,3
income over
outgo
Transfer
from/(to)
policyholder
liabilities 154,6 (20,9)
and reserves
To linked (25,7) (67,8)
policyholder
liabilities
From life 260,1 82,6
policyholder
liabilities
To health
insurance
durational and
AIDS reserves (79,8) (35,7)
Operating 338,9 276,4 23
profit before
taxation
Local 447,2 336,7
operations
- Health 393,6 361,0
- Vitality 39,9 14,8
- Life 13,7 (39,1)
Foreign
operations
- Health (108,3) (60,3)
Abnormal items 63,5 -
Profit before 402,4 276,4
taxation
TAXATION 151,4 145,9
- Operating 132,4 98,2 35
profit
- Abnormal 19,0 47,7
items
Profit after 251,0 130,5
taxation
Minority share - 0,5
of loss
Net profit
attributable
to
ordinary 251,0 131,0
shareholders
Headline and
basic earnings
per share
before
abnormal items
(cents)
- undiluted 53,0 46,3 14
- diluted 51,5 46,2 11
Headline and
basic earnings
per share
(cents)
- undiluted 64,5 34,0 90
- diluted 62,6 33,9 85
Weighted 389 092 385 695
number of
shares in
issue (000`s)
Diluted 400 750 386 571
weighted
number of
shares (000`s)
Group consolidated cash flow statement
for the year ended 30 June 2002
R million 2002 2001
Cash flow from 32,1 370,4
operating
activities
Cash flow from (183,3) (294,3)
investing
activities
Cash flow from 114,2 67,2
financing
activities
Net
(decrease)/increase
in cash and
cash equivalents (37,0) 143,3
Cash and cash 385,3 242,6
equivalents at
beginning of year
Effects of exchange 6,1 (0,6)
rate changes
Cash and cash 354,4 385,3
equivalents at end
of year
Group consolidated statement of changes in equity
for the year ended 30 June 2002
Share Share Investment Retained Translation
R million capital premium reserve earnings reserve Total
Balance at 0,4 486,1 2,7 107,7 3,4 600,3
30 June 2000
Net profit - - - 131,0 - 131,0
for the year
Unrealised
gains on
investments - - 11,5 - - 11,5
Translation
of foreign
subsidiary - - - - 2,7 2,7
Issue of * 10,8 - - - 10,8
capital
Balance at 0,4 496,9 14,2 238,7 6,1 756,3
30 June 2001
Net profit - - - 251,0 - 251,0
for the year
Dividends to
Destiny
Health
preference - - - (2,6) - (2,6)
shareholders
Unrealised
gains on
investments - - 16,6 - - 16,6
Translation
of foreign
subsidiary - - - - (21,2) (21,2)
Issue of * 46,9 - - - 46,9
capital
Balance at 0,4 543,8 30,8 487,1 (15,1) 1 047,0
30 June 2002
* Amount is share par value
Segment information
for the year ended 30 June 2002
Health
United
States
South of
R million Africa America Life Vitality Total
New business
annualised
premium
income 1 819,1 205,8 263,9 49,6 2 338,4
Gross 7 227,3 76,7 188,8 240,9 7 733,7
inflows
under
management
Gross income 3 017,3 52,8 188,8 240,9 3 499,8
Expenses, 2 429,2 186,2 407,7 205,6 3 228,7
commissions
and claims
Transfer
(to)/from
policyholder
liabilities (105,5) - 260,1 - 154,6
and reserves
Operating
profit
before
investment
income 325,1 (109,9) 13,7 35,6 264,5
Investment 74,4
income
Operating 338,9
profit
for the year ended 30 June 2001
Health
United
States
South of
R million Africa America Life Vitality Total
New business
annualised
premium
income 2 010,8 11,9 93,7 60,0 2 176,4
Gross 5 289,1 4,6 24,3 161,4 5 479,4
inflows
under
management
Gross income 2 613,3 4,6 24,3 161,4 2 803,6
Expenses, 2 020,6 67,5 143,4 147,8 2 379,3
commissions
and claims
Transfer
(to)/from
policyholder
liabilities (103,9) - 83,0 - (20,9)
and reserves
Operating
profit
before
investment
income 296,2 (64,1) (39,1) 13,2 206,2
Investment 70,2
income
Operating 276,4
profit
Increase in
operating
profit
before
investment 10% 72% >100% 170%
income
Group consolidated embedded value statement
for the year ended 30 June 2002
At 30 June At 30 June Change
R million 2002 2001 %
Shareholders` 1 047,0 756,3
funds
Plus: Destiny - 92,8
Health Inc.
start-up cost
(1)
Less:
Adjustment
for DAC and
deferred (390,4) (326,4)
commission
(2)
Adjusted 656,6 522,7
shareholders`
funds
Value of in 2 820,2 2 733,1 3
force
business
before cost
of capital
Cost of (164,8) (99,8)
capital
Discovery 3 312,0 3 156,0 5
Holdings
embedded
value
Number of 390,6 386,0
shares
millions
Embedded 8,48 8,18 4
value per
share (Rands)
Diluted 8,23 8,15
embedded
value per
share (Rands)
(1) Destiny Health is now being valued as the discounted value of the
expected future profits on the current block of business, and is therefore
included in each of the embedded value components shown.
(2) The adjustment for the deferred acquisition cost (DAC) and deferred
commission assets was previously reflected in the value of in-force business.
VALUE OF IN-FORCE BUSINESS
Value before Value after
cost cost
R million of capital Cost of of capital
capital
2002
Health, 2 446,6 (96,0) 2 350,6
Vitality and
Prefunding
Life 330,6 (55,0) 275,6
Destiny 43,0 (13,8) 29,2
Health
Total 2 820,2 (164,8) 2 655,4
2001
Health, 2 640,2 (95,3) 2 544,9
Vitality and
Prefunding
Life 92,9 (4,5) 88,4
Destiny n/a
Health
Total 2 733,1 (99,8) 2 633,3
EMBEDDED VALUE EARNINGS for the year ended 30 June 2002
R million 2002 2001 Change %
Embedded 3 312,0 3 156,0
value at year-
end
Embedded 3 156,0 2 115,6
value at
beginning of
year
Increase in 156,0 1 040,4
embedded
value
Net capital (44,3) (10,8)
raised
Adjustment 64,0 121,6
for DAC and
deferred
commission
(1)
Embedded 175,7 1 151,2
value
earnings
(1) This adjustment to shareholders` funds relates to the increase in the DAC
and deferred commission assets over the period.
Components of embedded value earnings
R million 2002 2001 Change %
Total profit 445,7 581,5 (23)
from new
business (at
point of
sale)
Profit from
existing
business
* Expected 374,3 286,7
return
* Change in (934,8) (83,9)
methodology
and
assumptions
* Experience 241,1 312,1
variances
Return on 49,4 54,8
shareholders`
funds (1)
Embedded 175,7 1 151,2
value
earnings
(1) Return on shareholders` funds is the after-tax investment return
Experience variances
R million 2002
Medical inflation 255,1
Extended modelling term (1) 186,5
Expenses (2) (132,4)
Lapses (90,2)
Exchange rate movements (21,2)
Investment return 16,3
Mortality and morbidity 1,2
Other 25,8
Total 241,1
(1) The projection term for Health, Vitality and Prefunding at 30 June 2002
has not been changed from that used at 30 June 2001. Thus, an experience
variance arises because the total term of the in-force business is
effectively increased by one year.
(2) This includes a negative R90 million experience variance relating to
Destiny Health.
Methodology and assumption changes
R million 2002
Council for Medical Schemes (672,6)
resolution
Renewal expenses (203,8)
Modelling changes (1) (42,3)
Mortality and morbidity (24,4)
Lapses (11,5)
Economic assumption changes (8,6)
Other 28,4
Total (934,8)
(1) This includes a negative R104 million modelling change relating to
Destiny Health
Embedded value of new business for the year ended 30 June 2002
Health and Vitality
R million 2002 2001 Change %
New business 1 868,7 2 070,8 (10)
annualised
premium
income
Gross profit 285,7 557,0
from new
business at
point of sale
Cost of (20,8) (25,7)
capital
Net profit 264,9 531,3 (50)
from new
business at
point of sale
Life
New business 255,4 93,7 173
annualised
premium
income
Gross profit 206,5 54,7
from new
business at
point of sale
Cost of (43,8) (4,5)
capital
Net profit 162,7 50,2 224
from new
business at
point of sale
Destiny
Health
New business 205,8
annualised
premium
income
Gross profit 18,1
from new
business at
point of sale
Cost of -
capital (1)
Net profit 18,1
from new
business at
point of sale
(1) The cost of capital on Destiny Health`s new business is currently zero,
as the new business does not increase the minimum level of solvency capital
required in terms of US regulations.
EMBEDDED VALUE ASSUMPTIONS
(%) 2002 2001
Risk discount
rate
- Health and 17,25 16,50
Vitality
- Pre-funding 15,25 15,00
- Life 15,25 15,00
product
- Destiny 10,00 -
Health
Medical 11,25 10,50
inflation
Expense 8,25 8,00
inflation
Pre-tax
investment
return
South Africa
- Cash 10,75 -
- Bonds 12,25 11,50
- Equity 14,25 -
United States
- Bonds 2,00 -
Income tax
rate
- South 30,00 30,00
Africa
- United
States (1) 0,00 -
(1) Based on the projected utilisation of Destiny Health`s assessed tax loss
to date, it is assumed that no income tax will be payable over the projection
term.
Commentary
Income statement
New business annualised premium income ("API") of the group grew 7% to R2
338,4m for the year ended 30 June 2002 from R2 176,4m for the same period
last year. The new business API of Destiny Health increased to R205,8m (2001:
R11,9m) and now accounts for 9% of the new business API of the group (2001:
0,6%). Discovery Life`s new business API grew 182% to R263,9m (2001: R93,7m)
and now accounts for 11% of the new business API of the group (2001: 4%).
Consolidated gross inflows under management grew 41% for the year ended 30
June 2002 to R7 733,7m from R5 479,4m in the prior year. This can be
attributed to a 37% growth in the gross inflows of Discovery Health and
Vitality to R7 468,2m (2001: R5 450,5m). This improvement was enhanced by the
growth in the gross inflows of Destiny Health to R76,7m (2001: R4,6m) and the
increase of Discovery Life`s gross inflows to R188,8m for the year ended 30
June 2002 (2001: R24,3m).
The small increase in claims and policyholder benefits cannot be compared
with the prior year as from 1 January 2002 Discovery Life`s quota share
reinsurance with Discovery Health Medical Scheme ("DHMS") was decreased from
67% of claims to 33% of claims. This reduced claims payments accordingly.
Commission, operating and administration expenses increased by 69% to R1
381,1m (2001: R819,2m). This is partly attributable to an increase in the
operating costs and commission expenses of Destiny Health of 86% to R122,2m
(2001: R65,7m) and an increase in the operating costs and commission expenses
of Discovery Life of 154% to R360,3m (2001: R142,1m). Included in the
operating costs of the local health business is R16,9m (2001: R nil), being
Discovery`s share of the losses of Healthbridge, an associate of the group.
This amount is included in the operating costs as Healthbridge provides
electronic transaction management and services to healthcare providers and
medical schemes in South Africa.
The 214% increase in commissions paid was largely attributable to the
increase in the growth in new business API of Discovery Life, as well as a
small increase of R8,1m being attributable to Destiny Health commissions.
Operating profit from the South African companies grew 33% to R447,2m (2001:
R336,7m). This was attributable to a 10% growth in the operating profit
before investment income of Discovery`s health business to R325,1m (2001:
R296,2m), a 170% growth in the operating profit befoe investment income of
Vitality to R35,6m (2001: R13,2m) and Discovery Life turning to an operating
profit before investment income of R13,7m from a loss of R39,1m in the
previous year. These, when combined with the loss from Destiny Health
culminate in a growth in consolidated operating profit of 23% to R338,9m for
the year ended 30 June 2002 (2001: R276,4m).
The abnormal item in the current year is due to the change in the quota share
reinsurance agreement with DHMS following the resolution between DHMS and the
Council for Medical Schemes. The reduction in this quota share agreement on 1
January 2002 led to a once-off release of health insurance reserves of
R63,5m. This resulted in an increase in after tax earnings of R44,5m.
Headline earnings per share before abnormal items is calculated before this
gain.
In 2001, headline earnings per share before abnormal items is calculated by
adjusting for taxation in respect of the underprovision in transitional tax
of R47,7m on prior years` profits.
Headline earnings per share before abnormal items grew 14% to 53 cents per
share (2001: 46,3 cents per share).
Diluted earnings per share is calculated by adjusting the number of shares in
issue for the shares that will be issued over the next four years for the
Discovery Life preference share structure, which was implemented to reward
the management of Discovery Life for the creation of shareholder value.
Cash flow
Operating activities generated R32,1m cash (2001: R370,4m) after absorbing a
R94,7m outflow (2001: R40,7m) from Destiny Health in the United States.
Destiny Health`s cash flow requirements were funded by the issue of
preference shares to third parties. The new business growth of Discovery Life
generated a negative reserve of R260,1m (2001: R82,6m) which is represented
by an equivalent cash outflow.
Balance sheet
The minority interest in the balance sheet is attributable to preference
shares issued by Destiny Health.
Loans receivable have declined by R156,4m. The outstanding balance on the
loan made to RMB Structured Insurance Limited has been transferred to current
assets. This loan will be repaid in the first quarter of the next financial
year.
Audited results
PricewaterhouseCoopers Inc. has audited the group`s annual financial
statements. The unqualified audit report, together with the annual financial
statements, are available for inspection at the company`s registered office.
Accounting policies
The accounting policies and methods of computation followed in the current
year are consistent with those of the prior year.
The annual financial statements comply with Statements of Generally Accepted
Accounting Practice.
In line with Discovery`s policy, no dividend has been declared.
Embedded value
The methodology, assumptions and calculations used in the embedded value have
been independently reviewed by Tillinghast - Towers Perrin.
The embedded value of Discovery at 30 June 2002 is computed as the sum of the
following components:
* The excess assets over liabilities at the valuation date
* The value of in-force business at the valuation date (less an allowance for
the cost of capital).
The value of in-force business is calculated as the value of projected future
after-tax profits of the business in force at the valuation date, discounted
at the risk discount rate.
The value of one year of new business is determined at the point of sale as
the projected future after-tax profits of the new business written by
Discovery, discounted at the risk discount rate, less an allowance for the
cost of capital.
The resolution between Discovery Health and the Discovery Health Medical
Scheme with the Council and Registrar for Medical Schemes resulted in a
reduction in the embedded value of R673 million. This value represents the
discounted value of the loss of future profits to Discovery Health assuming
the agreement reached with the Registrar and Council for Medical Schemes
remains in place for the entire projection period. The terms of the agreement
and the main embedded value implications were detailed in Discovery`s
announcement dated 26 June 2002.
Previously a value of R92,8 million was placed on Destiny Health based on the
expenses incurred in establishing the business. The approach adopted for the
calculation of the 30 June 2002 embedded value now values Destiny Health on
the same methodology as that used for the South African operations, that is,
by discounting the expected future profits on the current block of business,
giving an embedded value of R29,2 million.
The actuarial basis has been modified to be in line with international best
practice and strengthened to take account of the general uncertainty
prevalent in the South African health care market and the early stage of
Discovery Life. The basis changes in total have reduced the embedded value by
R220 million.
The cost of capital has been calculated considering the capital needs of the
company, which are largely driven by the negative reserves of Discovery Life,
and the expected asset mix held to meet the Discovery Group`s prescribed
capital requirements.
Further details on the embedded value calculation, including a detailed
sensitivity analysis, is available on the internet at www.discovery.co.za
Directors
L L Dippenaar (Chairman), A Gore (Chief Executive Officer), B Swartzberg
(Chief Operating Officer), J P Burger+, R B Gouws,
M I Hilkowitz**, N S Koopowitz*, S R Maharaj, H P Mayers*,
J M Robertson*, S D Whyte*
*Executive
**Appointed 11 April 2002
+Appointed 20 August 2002
Transfer secretaries
Computer Share Services Limited
(Registration number 58/03546/06)
2nd Floor, Edura, 41 Fox Street
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